Miami Condo Prices Up 4 Months in a Row

A report released by the Miami Association of Realtors revealed that Miami condo prices have risen for the fourth month in a row.  Since last November, the average sales price for condominiums increased 21.5% on a year-over-year basis from $193,486 to $226,151.  The average sales price for single family homes in Miami also fared well with an 8.2% increase in the same time period from $300,369 to $324,846.  Cash transactions accounted for 79% of all condominium closings and 41% for single family home closings.

Residential inventory in Miami-Dade County has dropped a whopping 40% over the past year with 14,461 active listings at the present time compared to 24,278 active listings a year ago.  Foreign buyers are the main reason for the dramatic recovery Miami has experienced since 2008.